His film Jojo Rabbit is up for six awards at the ceremony in Los Angeles, including best picture, best adapted screenplay, best costume design, best film editing and best production design.
Waititi reacted to the news on social media.
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“Lolz. Didn’t think there were any bridges left for me to burn,” he joked on Instagram.
“Mmkay..” he said on Twitter.
On Instagram, his followers hoped he would take an unconventional approach to presenting on stage.
Cinematographer Rachel Morrison commented, saying “please do something wildly inappropriate”.
Filmmaker Edgar Right replied on Twitter and asked him: “are you presenting Best Adapted Screenplay?”
Taika replied: “That would make sense.”
Waititi was nominated for best screenplay award for Jojo Rabbit alongside fellow Kiwi Anthony McCarten who is up for The Two Popes.
Taika won the Bafta award for best screenplay earlier this week.
The star joins a stacked line-up of presenters, including Sandra Oh, Jane Fonda, Olivia Colman, Mark Ruffalo, Will Ferrell and Keanu Reeves.
Grammy-award winning Billie Eilish is among the performers at the glitzy awards ceremony.
The star recently announced she has penned the song for the upcoming James Bond film No Time To Die.
Sir Elton John and Idina Menzel will also perform.
• The Oscars ceremony screens live on Monday.
